Commercial Division Blog
Defendants' E-Mails Confirming Material Elements of Oral Agreement Satisfy Statute of Frauds
On June 28, 2016, the First Department issued a decision in Josephberg v. Crede Capital Group, LLC, 2016 NY Slip Op. 05086, holding that e-mails satisfied the statute of frauds, explaining:
The motion court erred in dismissing plaintiff's breach of contract causes of action as barred by the statute of frauds. Plaintiff alleges that defendant Socius orally agreed to provide him with 15% of the profits generated by financing transactions originated by him. The emails to which he points, authored by defendants Wachs and Peizer, equal partners in Socius, confirm the material elements of this alleged agreement and therefore satisfy the requirements of the statute of frauds.
(Internal citations omitted).